rosalind: coming up on "bloomberg best," the stories that shaped the week in business around the world. the u.s. faces a trade deficit. >> it has risen more than $100 billion. >> projections. >> that is the weakest target china has set itself for growth. >> investors await a deal that will free both economies from the pressures of a trade war. >> it is not making us richer. >> huawei tries to mend fences. >> huawei will say we are not a company -- >> carlos ghosn and a battle in court. the ecb gets back into the

lending game. >> stimulus will continue to be provided. >> it will get inflation towards target. >> larry fink in an exclusive conversation. >> i would call this a goldilocks moment, not so bad, not so good. >> bill gross reflects on bond trading as he bids farewell to the business. his successor explains how he is reshaping the fund. >> -- 14% or 15% now. >> the process will be the same. the risk profile will be different. >> it is all straight ahead on "bloomberg best." ♪ rosalind: hello and welcome. this is "bloomberg best," your

weekly review of the most important business news, analysis from bloomberg around the world. let's start off with a look at the top headlines. on monday, reports of progress towards a trade agreement between the u.s. and china had investors feeling optimistic. >> the u.s.-china trade deal could result in lifting all tariffs if china buys more american products and commits to protecting ip. what is china willing to buy? >> they are willing to come to the table. they are willing to buy agricultural products. we're expecting more in the energy area. >> what are we offering china? >> we are offering a return to normality, it looks like, and that is a lifting of the largest piece of the tariffs imposed on $250 billion in chinese imports last year.

we are in this limbo stage of the negotiations because of the npc, because of the chinese political calendar, but are setting up for the end of this first round of negotiations. >> china has lowered growth target this year and announced a cut, saying the country must brace for a tough economic battle. the priority is stabilizing economic growth. >> that is right. the delegates filing out the economy, the premier went through this document that outlines the policy priorities for the government for 2019. that speech has wrapped up. we had this gdp target cut from 6.5% to 6% to 6.5% in 2019. bloomberg pointing out that is the weakest target china has ever set itself for growth. we have tax cuts as well, vat cuts of 3%, that morgan stanley says could be valued around $90 billion. there was a policy initiative to raise special government bond issuance. it was a somber speech by the premier, talking about the

challenges, rising insecurities, instabilities, saying there were hidden dangers and risks. >> the u.s. to reduce it is whitening, hitting a 10-year high. president trump says it is a sign of poor trade policies, as he looks to reach new deals. is it china or europe that ceos and companies are most worried about? >> the thing that people are most worried about are the trade wars extending. the next battlefront you can really see is something blowing up with the eu over cars. that seems like a much more real and immediate threat than things escalating with china.

if you look at the broad picture, the trade deficit, the u.s. trade deficit in goods and services has risen more than $100 billion, or 20%, and donald trump's first two years in office. it is the big scorecard he holds out for countries winning or losing, and by his own metric, he is not doing so well. >> the ecb announced rates on pause for 2019. the central bank giving a support package, saying it will offer more cheap loans and keep interest rates low for longer. >> significant monetary policy stimulus will continue to be provided on the key ecb interest rate, reinforced by the investments of acquired assets and a new series of debt. >> is this panic from the ecb?

>> it is more extreme than the market was expecting, but the mario draghi doesn't like to disappoint. he has delivered by pushing out the time horizon for the ecb keeping rates at current levels. also, announcing now rather than waiting. >> this is the latest in the line of central bankers trying to react to the slowdown in

global growth. we have had a number of these over the economic cycle. he is trying to push the message the ecb is there to support, but the doubt in markets is will this get inflation towards target. is the ecb really credible here? >> a fourth day of declines for the s&p and dow, the seventh drop in eight days. >> we came into today with anxiety about global growth, weaker chinese and european data over the last few months. in that context of anxiety, the ecb came out, panic is too strong a word him up at the markets reading this as respiration. euro weak, and dollar strength is negative for u.s. corporate earnings. >> chinese trade slumped, exports and imports falling. stocks fell the most in 2019 today. >> the trade data was worse than expected, even allowing for the distortions over the china new year. it is a poor set of data, also reflected in the german factory orders. there is a clear link towards week production figures in germany. there are people that want to take money off the table.

>> the big story today is the payroll report, 20,000 the top line in terms of workers added. that was well below estimates. wages continue to push higher. >> robust january, february lousy come the underlying trend is 190,000 jobs per month. i expect unemployment in the mid 3% territory by the end of this year, and consumer inflation above the fed's objective, so we should not be overly bearish on a temporary payroll stall. >> are you confident the u.s. is insulated from the slowdown abroad? >> i am. i am not saying we live on a complete island. we are the hottest economy in the world because we have made progrowth reforms, lower tax rates, deregulation, opening up energy and so forth, good attitudes. there is no war against business

here. >> the chinese story, there is a feeling on wall street that the president wants a quick deal, and he once it because he's worried about the markets. >> that is just not true. that is just not true. he has to do what is best for american technology, for american workers, american manufacturers, american farmers. if these things are not in america's interest, whether a security deal or a trade deal, if they are not in america's interest, he will not accept it. >> still ahead, as we review the

week on "bloomberg best," larry fink, bill gross, and michael worth, plus an exclusive conversation with the eu trade commissioner. next, more of the week's top headlines. president trump complains about that policy and the strength of the dollar. >> how likely is it? >> not very likely. >> this is bloomberg. ♪

rosalind: this is "bloomberg best." i am rosalind chin. let's continue with the report on global growth prospects from the oecd. >> it has cut its global growth outlook again, saying trade tensions and uncertainty are weighing on the global economy. >> and economist saying global growth has started to bottom out. the oecd says they are cutting that to 3.3%, the euro area only growing 1%, and the u.k. less than 1% as they face a host of uncertainties from brexit. downgraded to 2% in 2019. this means the u.s. versus the rest of the world, the trade of

last year. it has been the trade of the last two years. the index of 18% versus the msci ex u.s., up 6%, so three times the outperformance. we will see if that trend continues as the u.s. is the only one that will have growth revised higher in 2020, u.s. versus the rest of the world. >> the huawei cfo is under house arrest in vancouver, now suing canadian authorities, alleging she was wrongfully detained in search. the canadian government began

the process at the request of the u.s. for extradition. what is she alleging here in the suit? >> that the way she was taken into custody was constituted an unlawful detention and interrogation in search of her property. she was taken into custody by border security, not formally arrested, which would have triggered protections in canada, including getting a lawyer and being able to not answer questions. it is not clear where this case will go from here. >> huawei on the charm offensive in brussels, scrambling ahead of allegations that it has enabled industrial espionage for the country's authorities, so opening a security lab. will the eu be really sure by

this? >> huawei will tell you we are a company that does not do those allegations put forth by the u.s. the europeans are not naive. they know about some of the practices in china. they are aware of the hacking and intellectual property, but say we have to keep an eye on this, but the business reality is that huawei can do a good job for less money. a lot of ceos here in brussels say if we are banned from using the technology, the cost will,. that is the reality of it. >> huawei hitting back, suing the american government from barring its equipment from certain networks, saying it is unconstitutional to punish it without a fair trial. >> the u.s. towns for 20% to 30% the global communications market. we look forward to dissipating fairly in the u.s. this lawsuit is a last resort. >> the crucial thing was confirmation from huawei that they will be suing the u.s. government over this section 889 of the national defense

appropriations act 2019, that section effectively bounds huawei from being purchased, it's equipment by telecom companies in the u.s., effectively bans them from operating in the u.s. that is what they are challenging. it was pushed through by congress last year. huawei saying it is unconstitutional. >> president trump's attempt to blame jerome powell for a hiccup in the us economy have made a comeback. he says the u.s. dollar is too strong and criticize jerome powell "likes raising interest rates." how likely is the president to get his wish for a weaker dollar? >> not likely. the data is stronger here than globally. it hints towards a stronger dollar. the thing that could weaken the dollar would make president trump and jerome powell happy, these places abroad that are impairing the global economic outlook. if you see this though down take

hold in germany and china turnaround, you could see a weaker dollar and everyone would be happy about that. >> president trump is trying to counter what he believes are unfair trade practices. the u.s. president says he intends to terminate key trade preferences for india and turkey. what does it mean for india and turkey? >> it is a surprise, because the various protagonists in this debate have been talking for some time. i think the talks with india go back to april last year. what appears to have happened is mr. trump lost patience with the negotiations and has decided to raise the stakes by announcing that he would withdraw india and turkey from this system of beneficiaries under the trade agreements and the imposition of tariffs.

there is now a 60-day countdown to the point where the existing arrangements are done away with. >> indonesia has signed a free-trade agreement with australia, one of several deals it is pursuing as trade tensions hit exports and threaten its current account deficit. what is the latest? >> indonesia is pursuing a bunch of trade deals. they finally inked a deal with all straight eight years in the making. it is not chicken feed, but they are good numbers.

goods going from australia to indonesia are terrified and free and offered preferential treatment, covering 94% of indonesian goods going to australia, so good news for both countries. >> australian central bank has held its nerve in the face of a credit squeeze. it is keeping its interest rates unchanged as it waits to see how consumers respond. slow, slow, slow is we go? >> that has been slow as we go for years. all economist at not expect the rate to move, so no surprise still parked at 1.5%. the rba noted a stronger job markets, a drop in house prices continues, sydney prices off 13% below 2017 peak. on the one hand, this does give the rba the ability to raise rates without igniting another house price bubble, but there is a concern these easing prices are crimping spending and consumption, and therefore

growth. >> with the march 12 deadline looming to put a brexit deal to a vote in parliament, theresa may come the british prime minister, is promising a $2.1 billion boost. her pledge was quickly labeled as a handout. trying to get labor lawmakers to vote for her brexit deal. >> theresa may will come back and try to cobble together a majority. that is what her offered to particularly the north of the country, to offer them more subsidies, more government handouts is come up the government is cut dramatically in terms of local government budgets. something like 36%. so this is not making up, or barely making up, for the cuts that have been made to local government budgets. some of the labor mp's representing these towns are saying this isn't enough. >> financial stocks dipped to session lows at the end of the u.s. trading day on the report

the volcker rule could face a do over. that rule prohibits banks from trying to make a profit by using customer deposits. >> the criticism about the volcker rule was banks with their massive compliance departments could not figure out what was a banned trade or not a banned trade, so that was regulators were trying to address, let's make it clear what is allowed under volcker and what is not allowed, but when they came out the proposal and banks had time to pour over it, the reaction was, well, you have made it easier to understand what his banned, justice will capture trade and a lot more stuff will be banned. now they are going back to the drawing board, and who knows when much criticize, very controversial volcker rule will be revised. >> more european banks are being drawn into the russian money-laundering allegations. initially centered on danske bank and sweden swedbank, suspicious transfers involving dirty russian money have quite in this week, and remind us how this story has developed over the last few days. >> it just keeps going. monday morning, investors learned of fresh allegations around money-laundering due to be published by finland's main broadcasters. the shares tanked 6.5% as investors and it.

when that report came out there was relief among investors that it did not seem as bad as feared. at the same time, there was a larger report by occrp that made clear this is not just a nordic and baltic issue, but a european issue. suddenly other banks were all drawn into the same story.

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>> welcome back to bloomberg best. global going on with markets and the world economy? eric posed that question to the head of the world's largest asset minute -- management company. they sat down for an exclusive interview. 8 -- >> china is slowing to 6%. that is not too bad. ok, 5%, actually the cities are growing nicely, it is the outer regions. twoa experienced the same phase type of economy where one part of the economy is going well and one is slowing down. will experience populism

and unrest issues they are, and that is another story. japan is growing at 1%. southeast asia is growing very nicely. you are seeing supply chains moving. you see europe, which compared to where we were january or march, we were much more pessimistic. i am very worried about europe. that does not mean it will be in a recession in 2019, but, just maybe it is a 1% growth, probably closer to zero. the u.s., we had the sugar high from the tax reforms. we all anticipated that the economy will slow down, and that is what is happening. where is u.s. economy? it is not so bad. consumer confidence is still and i would almost call this a goldilocks moment where it is not so bad and not so good. central-bank behaviors are more

and theyvish side they were in the fourth quarter. i would say it is a time for investors to be more relaxed. i do not think we are going to go much higher than we are today. >> you mean stock prices? >> we will be fine. what i worry about is rising populism, which we are -- which from what we are witnessing, we are seeing shorter-term behaviors by government. i talked quite a bit about long-term behaviors, and it is harder when you see governments are becoming more short-term. coming up, more conversations about markets. and is getting harder harder to find, and we hear from the man who took over management of his bond fund. chevron sets a course to pump more oil in the ceo says he is not worried about driving prices

down. >> shall deliver strong returns. ♪ want more from your entertainment experience?

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>> i think the u.s. is doing fine, growth is good. say, and fund management, you ignore the u.s. at your peril. he continues to do the stocks -- the stocks that continue to do well. >> you said last year, equities are the best investment for 2019. we saw a healthy correction, and do you still stand by that? >> i think we will go back to more to what i would call normalized markets now that quantitative easing has almost finished. i think that brings back stock

pickers. cars, which is all about stock taking style, more tending towards value rather than growth and quality. they had a tough time the last few years until the last quarter of last year. , i hope, turning back to active rather than passive. lifeat was standard aberdeen ceo, mark gilbert, talking about the investment landscape in singapore. global trade was the hot topic at the motor show. matt miller spoke to executives from several auto companies about the threat of u.s. tariff increases. trumping --een talking to the trump administration and the european administration, to berlin. it is really a threat and would cost us workplaces.

america is a very important market for our premium brands. we are trying to really avoid this clash. i think it is possible to avoid it. we do everything right. we have to understand that between tariff negotiations not only covering the automotive market, but an area, so we can only facilitate an contribution a small amount. >> there are many different tariffs, but they are focusing on the 10% tariff on e.u. cars. you be happy to get rid of that? >> i do not think we have to protect our european companies and the 10% tax on american cars. it is not necessary. we are competitive. you have to understand, in the whole scheme between different products and this is not in our patch.

we would be open to that kind of discussion. in ours obvious, that interests, we talked to the stakeholders and explains the benefit from our point of view. i think they are listening quite a lot, and we have asked with them to come up with a deal where we can live with it and continue to grow. >> one of the biggest concerns is the 10% tariff that the e.u. slaps on u.s. imports. do you even need that? does it help you to hold back u.s. competition? >> no. i think we could come here to an agreement that leveled out or taking it away completely, and it would be fine for both sides. about aoncerned are you u.s.-e.u. trade war? >> the market in the u.s. is very important, so that is a serious topic. we are watching what will

happen, and different scenarios. we are con -- we are counting on our counterparts in the u.s., and i think at the end we will find a solution. >> are there any way porsche 911 could be built anywhere else? >> it has a lot to do with the image of the car, our customers worldwide love the engineering in germany. we will keep producing the car in germany. commissioner visited washington this week for talks with u.s. officials. she helped to head off higher tariffs on european goods and hammer out a translated trade agreement. she spoke with bloomberg on thursday. are you worried that the u.s. will impose a 20% or a 25% tariff on imported cars, and what would be the impact of the global economy if that happens? >> we have not seen the report headed to the president, and we

hope that he will not recommend tariffs on cars for the european union. it would be very harmful for our economy, and the global economy, and the u.s. economy. many cars are produced in the u.s. with car parts from europe. trade and, european investment supports 7 million jobs in the u.s.. we have a strong relationship and do not want to jeopardize this. isi understand, nobody asking for these car tariffs in the u.s., so if that were to happen, and i hope that will be the case, we will have to impose rebalancing measures, and our relationship on other areas would be difficult. >> we heard about mario draghi protectionism as a contributing factor in investment slowdown, and a lot of european companies

sell a lot to china. to what degree would you say that the trade threats and actions, vis-a-vis china, has contributed to the slowdown in the european economy? >> most international and many think tanks have warned that the escalating trade war and protectionism is bad for the global economy. tariffs are not making us richer in any way. of course, we are so interlinked with each other, the big economies. it has an effect on all of us. it deteriorates the situation. it would affect jobs in the u.s.. >> from trade to oil. chevron announced plans to sharply increase production in the largest shale basin. it would flood markets with new supply as demand growth is

slowing. bloombergined daybreak america to discuss the strategy and the impacts on the markets. >> we still see demand, very strong despite the concerns about the state of the global economy. we have seen opec have to move into a different posture than they have previously had. opec and russia have had to come together, so the non-opec we may holdve said production back to stabilize oil markets. the u.s. is a market driven ofnomy and you have hundreds companies trying to make it even. producera marginal making a marginal investment that is challenged to make the decision whether to invest in that production. >> you and exxon together laid out significant growth targets. are you going to hurt yourself

because you will have all of that supply in the next few years. there is a question if demand will be holding up. delivers strong returns at low out prices. we will get down into the 30's and 40's and still have returns. it is not a matter of the shale being noneconomic, our cost of private -- production has gone down and our returns are at the lowest price. >> that is sustainable? for how long? >> years. retired from his position as group portfolio manager. the firm has appointed nick to lead it. the bond king and his successor talked about risks and returns this week. let us start with eric's interview with bill at his california office.

he made his name by beating benchmarks in the era of outperformance -- and says the era of outperformance is namely -- largely over. >> there are things to look at that will generate outflow, but the probability of generating historical output in the same way are much less than they were. >> the era of outperformance is not over? it is what? >> it has diminished. because the bonds, it is harder to save in the stock market. it is easier to say that 0% doerest rates that bonds can no better. yield overreasury the past 30 years, it has an

information ratio, or a sharp, to be simple. it was 30 or 40 basis points holding it. enable market, and having it roll down the yield curve to the nine year produced structural alpha. 10 years do not roll down the curve anymore. 2.70ars only yields instead of 14% or 15% right now. information ratios, charts, and alpha generation, which in the past 30 years was generated simply by the market itself. was from no brilliance at all. the opportunities are diminished. >> i started my career at pimco

in the late 90's, starting it from car during -- cap -- capturing capital, and we retired in mid-2015. this product is an extension of the product we run now, which will look to take advantage of local diversification, income generation, high levels of liquidity, and low volatility. >> what are the benefits to shifting to absolute return? >> it is a name or synonymous with how we manage money. we are much more of a team approach. while we have an open mandate in terms of assets, it will strictly focus on fixed income. it will be a risk reducer. you arees than not, seeing more managers taking more risks. these are looking more like equity strategies and behaving like them. bonds are supposed to be defensive, they are not there to be a huge return enhancer.

that is for equities, which still plays a significant portion in people's portfolios. >> it sounds like the marketing has changed radically. >> it is the same in the sense that we are going to go anywhere to get our returns. that is one of the key mandates that bill subscribe to, and we subscribe to. the philosophy will be the same, the risk profile will be different in the sense that we will be focusing on bonds. ♪

>> you are watching bloomberg best. it is a roundup of the top business stories. down,nings seasons blinds investors were cheered from a sunny forecast from a major u.s. real -- retailer.

target announced its fourth-quarter earnings, meeting expectations and beating them on same-store sales and giving encouraging guidance going forward. >> two years ago i invested $7 million to reimagine our stores newour brand, to invest in fulfillment capabilities and to invest in our team. at that point, there were a lot of questions. people were concerned about our direction, people were closing stores and cutting costs. today, i think we proved that that strategy is working, and we are delivering great sales. business bydigital over 30%, and stores grew almost re-percent. we said that 2018 was a good year and 2019 will be better. detention,8 days in a man has walked out of prison in tokyo. the car titan was escorted from the -- the center where he had

been walked up. he can now start mounting his defense. what does this suggest about the case against him? >> first of all, it suggests that he -- they have not obtained a confession. he issued a statement declaring his complete innocence, and vowing to fight these charges. that seems to be what will take place here. it also suggests that they had, perhaps, run out of new allegations. dripeek after week, it was of new allegations about misdeeds. as we can expect now, they will focus on the indictment itself, and what he has been alleged to do, and the case will narrow down to those and his defense will focus there. newmontussle between and barry gold has taken a dramatic turn. barry says it plans to proceed

despite the board rejecting the idea out of hand. we will go to cmr, what was his response? ande says it is progress that newmont will give barrick 55 percent of the joint venture in nevada. in the sides have tried past to come to an agreement, and it has been along 50-50 lines. what he does not like is the proposal for a joint governance strategy. split proposed a 45-55 and a 50-50 split in operations. was based onfive consensus and av numbers. there are things that do not make sense and they are, and we need to work through and we are more than happy to work through them. in terms of how it gets managed.

we would both appoint key operating people. at the end of the day, the voting on how things operate is the person who ends up owning the majority economic interest, barrick. --bank employees learn learned of their bonuses and learned of deep cuts. >> it looks like people are still getting a little bit of money. deutsche bank is still paying out 2 billion, which is not much. in january that the bank is making more selective payoffs to keep the talent that they care about. certainly, there are work -- there are some people who will get a nice paycheck. >> germany's two biggest lenders are talking -- are stepping up talks. that is after the german cover -- government pressure on the 4 -- on the firms. >> the government is looking for

that national champion. they are concerned about the performance of both banks. pushing them together, they hope it will help create that national champion that they are looking for. there are a lot of critics who do not believe that this is the move they should be taking, that putting together two struggling banks does not make one national champion. these talks are intensifying, and we here it is in part because -- we hear it is in part because the government is pushing for it. privateppetite for equities still haunts. a group is expected to raise $20 billion for flagship funds. give us some background and how you will manage to carry out this big fund raising. becausemanaged to do it investors have an anonymous appetite for these long-term, private equities investment.

these firms do not invest in companies, they invest in real estate, and credit, and what investors are finding is that the form -- the firms are delivering returns in the times that hedge funds are struggling and assets are not making the money they would like to see. investors are going where returns are. >> tesla's downward turn. it shared the insight coming off the lows after elon musk made a surprise announcement to shift exclusively to online sales. the on -- the ongoing conversation, but he did seem to speak about the workforce. >> a lot of these employees found out when everyone else did that the stores were closing and they were probably out of a job. we are talking about hundreds of stories, and last quarter, tesla touted their retail store strategy. they open several new stores, more new stores that they had -- than any time last quarter.

>> norway's government has given the go-ahead for its trillion dollar sovereign wealth fund to divest petroleum stocks. climate activists have been pushing the idea. they argue that it is not taking a stand on the industry, it makes little sense for western europe9 biggest your -- biggest oil producer to be doubly exposed. >> this is a risk that the norwegian government is taking in norway. and, we are moving these companies from the government pension, and they will be a better attempt to reduce are allocated risk. >> these are stocks that have not worked for a wild. this is a secular problem in the energy space, not a component of the portfolio that is working and climate change is a huge issue. it is a huge issue of among europeans and u.s. investors. really, it impacts the invest

ability of certain segments of the market. ♪

>> jay powell saying the fed can be patient has change the outlook and markets if we go into world interest rate projections, there is no chance according to traders of any kind of rate hike. the highest you get all year is 11%, and at this white line, people saw that -- sought two rate hikes. now, zero chance seen this year. >> we hop into the bloomberg and use the financial function, we see in 2016 and 2018, ge put up negative three cash flow, but we are looking up a turnaround, so analysts have been estimating

for positive cash flow. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites. maybe they will become your favorites. useful,nother function q you i.t. go, which will give you important information and insight into timely topics. here's a quick take. >> they can litter sidewalks, minutes pedestrians and endanger the writer's lives. electric scooters popped up in cities around the world, inviting a public to hop a ride. local governments scramble to regulate them. it may come as a surprise that scooters can be what traffic needs. your quick take on e scooters. a scooter, app, ride

unlock it, and go for a ride. when you are done, leave it behind. rides can cost less than two dollars. andhere are lines, and uber lyft have scooters. they certified and they are all over the place. if you are not lose -- using them they get in your way, and because people are learning how to use them, they tend to ride them in of noxious ways and a lot of places become a symptom of the technology -- of the technology. >> san francisco capped the number of scooters allowed. and lime offered scooters to more than 40 cities. despite the controversy, they have their defenders. areas, cars are not the best way to get around. many cities have turned to bike lanes.

planners also ce scooters as part of the future of transportation. >> the hope would be that you eliminate car trips that would get a lot of cars off of the road and protect -- and create more protective lanes, and that would broaden the demand for scooters. it would be a virtuous cycle. >> despite them being valued at more than $1 billion, it is too early to tell if they will become viable businesses. >> it is how long it takes to pay off a vehicle and how long a vehicle stays on the road. we do not know how much this is, but it seems like you can pay these things off quickly. they are relatively inexpensive, but they get completely trashed quickly. you will take care of your own bike and car, but no one ever watches it -- washes a rental car. >> that is just one of the many quick takes you can find on the bloomberg and also at bloomberg.com, along with all of the latest business news and analysis.

that is all, thank you for watching. this is bloomberg. ♪

>> howard marks is the legendary investor and cofounder of oaktree capital management. marks formed the firm in 1995 with a group of individuals who had been investing together mid-1980's in high yield bonds, -- investing together since the mid-1980's in high yield bonds, distressed debt, real estate, and equities. howard: in the summer of 1978 i got the phone call that changed my life. >> mark spoke to "bloomberg opinion's" barry ritholtz about his legacy, his future, and the current economic climate. howard: we are at an advanced stage of the economic recovery and of the bull market.